As a financial service provider, the bank is required to process transactions efficiently and offer services that are obliged to meet international standards. This includes cooperating with foreign financial institutions, complying with the laws of beneficiary banks and following the processing correspondent bank’s internal KYC and anti-money laundering and combating financing of terrorism policies and measures.
International banks and financial regulatory authorities have strict controls and high standard requirements. Banking activities have a significant impact not only on its customers but also on the country’s foreign relations, economy, international cooperation and trade and foreign investment. Therefore, we hope that our customers will understand and cooperate with us providing the required additional information and necessary documents for their transactions and other services. This helps us fulfil our obligations to regulatory authorities and correspondent banks as well as our customers.
Why does the bank monitor customer transactions and require transaction-related information?
The bank monitors customer transactions and requires specific transaction-related information because the transmitting bank (the one sending the transaction) and the beneficiary bank (the one receiving it) do not have direct access to details about the customers on either side of the transaction. To ensure transparency and security, the transmitting bank requires that the purpose of the payment, along with complete details about both the sender and the recipient, be provided. If the information is incomplete, incorrect, or unclear, the payment may be delayed, rejected, or even blocked and confiscated while the bank works to clarify the transaction and gather more details about both parties involved.
Control of foreign transactions:
When a customer makes an international transfer, the transaction is processed through the international settlement system, which is managed by several "Intermediary Banks." Each of these banks has its own AML/CTF program and follows controls to ensure compliance. Additionally, the intermediary bank requires our bank to include detailed information about both the sender and the recipient, as well as any other necessary details, in the transaction, in line with the 15th recommendation of the Financial Action Task Force (FATF). If our bank does not provide the required information, the intermediary bank may cancel to process the transaction. To ensure the bank fulfills its agreements with correspondent banks and helps facilitate smooth payment transfers for customers, we implement strict controls on foreign transactions.